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up with anything that is beyond congress's power. >> your response to president obama's appointments of three individuals, after some initial votes, all the nominees, some of them came up with and i was wondering, the assurances given that that will not repeat and that is why it is more flexible later on, and will there be a similar response from you or your colleagues or both of you should senator reid decide to filibuster at the beginning of the thirteenth congress? >> the recess appointment issue, this was an important issue for me. when president obama made four appointments that he identified as recess appointments on january 4th, 2012, 3 to the nlrb and one beating richard coeur dray to head the consumer financial protection bureau. he wrote with precedent, people from both parties have been responding to this by saying every president or nearly every president has made recess appointment. the other party always complained get over it, grow up. those who say that overlook something important. this one was unprecedented because as far as i have been able to ascertain through my
about president obama's second term and policy changes ahead. this is about an hour. [applause] >> thank you very much for that introduction. lori has said to me that since we started a bit late, provided it's okay with our speakers, we'll run a little built late, maybe five or ten after two. i'm going to ask them questions for about 40 minutes and then throw the floor open to you. so get your notebooks out and your questions, you can grill them in a moment. before starting, lori asked me to set the frame a little bit and to talk just for a moment about the u.s. competitiveness and the u.s. economy in a global context. and their actually was an oecd report that came out this morning that does that admirably. this report predicts that within four years, by 2016, the chinese economy will be bigger than the economy. and what the oecd report sort of further says, it's a great report. if you're interested, take a look online. today the u.s. economy accounts for 23% of the world's economy and india is 7. in 2030, according to the oecd predictions, china will be 29% of the world economy, the u.
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